First Solar
Developed at R&D labs in California and Ohio, our technology provides a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV solar modules.
10-K, Feb 24, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Business
How does First Solar make money?
Modules is 99.9% of revenue.
Source and method
Revenue by segments, FY2024.
annual report FY2024 · 0001274494-25-000010 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($4.2B).
- Modules: $4.2B · 99.9%
- Other: $3.6M · 0.1%
What is left of every $100?
Of every $100 in revenue, $29 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $5.2B
- Gross profit: $2.1B
- Operating income: $1.6B
- Net income: $1.5B
- Free cash flow: $1.2B
Where do customers sit?
95.7% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001274494-26-000021 · XBRL revenue by country · one level, shares add up to 99.6% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Our PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains.”
“We are the world’s largest thin film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere.”
“In addressing the overall global demand for electricity, PV solar modules provide energy at a lower levelized cost of electricity (“LCOE”), meaning the net present value of a system’s total life cycle costs divided by the quantity of energy that is expected to be produced over the system’s life, when compared to traditional forms of energy generation.”
Item 1 · Business · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Where did the growth actually come from?
Segments were redrawn between FY2017 and FY2024.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +24%
“Net sales for 2025 increased by 24% to $5.2 billion compared to $4.2 billion in 2024.”
Item 7 · MD&A · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Number check (revenue): stated $5.2B matches the stored value ($5.2B, ±10%)
Revenue: $5.2B FY2025 · +24.1% vs FY2024 · KPIs
Position (in the company’s words)
“The only U.S.-headquartered company among the world’s largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with our advanced, uniquely American thin film PV technology.”
Item 1 · Business · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
R&D investment
“With over $2 billion in cumulative R&D investments in the last 20 years, we have a demonstrated history of innovation and continuous improvement.”
Item 1 · Business · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 24% to $5.2B.
Revenue fell 3.7% YoY to $1.1B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 97.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
30.6% operating margin, down from 33.2%.
40.6% gross margin, down from 44.2%.
Operating income grew 15% to $1.6B.
Net income grew 18% to $1.5B.
R&D grew 22% to $233M.
SG&A grew 8.2% to $204M.
EPS diluted grew 18% to $14.21.
42.6% operating margin, up from 33.0%.
57.3% gross margin, up from 45.6%.
Operating income grew 25% YoY to $450M.
Net income grew 24% YoY to $423M.
R&D grew 40% YoY to $76.2M.
SG&A fell 1.2% YoY to $51.9M.
EPS diluted grew 23% YoY to $3.92.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $23 of every $100 as free cash.
Operating cash flow grew 69% to $2.1B.
Capex fell 43% to $870M.
Stock-based compensation fell 32% to $19.2M.
Free cash flow: −$306M in FY2026 Q2.
Operating cash flow: −$145M in FY2026 Q2.
Capex fell 44% YoY to $161M.
Stock-based compensation grew 3.5% YoY to $7.0M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.8B cash vs $499M debt.
Total debt fell 18% to $499M.
Interest expense grew 14% to $44.1M.
Total assets grew 9.9% to $13.3B.
Equity grew 20% to $9.5B.
Cash grew 50% YoY to $1.7B.
Total debt fell 93% YoY to $37.6M.
Interest expense fell 39% YoY to $5.6M.
Total assets grew 4.1% YoY to $13.4B.
Equity grew 21% YoY to $10.3B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 11% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (First Solar annual report)
“The following customers each comprised 10% or more of our total net sales for the years ended December 31, 2025, 2024, and 2023: % of Net Sales 2025 2024 2023 Customer #1 11% * * Customer #2 10% * * Customer #3 * * 10% ---------- * Net sales for these customers were less than 10% of our total net sales for the period.”
10-K · 0001274494-26-000021 · filed Feb 24, 2026 · basis: filing text, verified verbatim
Suppliers named by First Solar
No supplier among the covered companies is named in the filings.
First Solar holds stakes in
No stake in a covered company found in SEC filings.
Others name First Solar
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 35 risk factors, one per theme.
Supply chain and manufacturing
“In the aggregate, we believe manufacturers of solar cells and modules have significant installed production capacity, relative to global demand, and the ability for additional capacity expansion.”
Item 1A · Risk Factors · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Competition
“Competition in solar markets globally and across the solar value chain is intense and could remain that way for an extended period of time. The solar industry may experience periods of structural imbalance between global PV module supply and demand that result in periods of pricing volatility, which could have a material adverse effect on our business, financial condition, and results of operations.”
Item 1A · Risk Factors · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Trade, government policy and geopolitics
“Our substantial international operations subject us to a number of risks, including unfavorable political, regulatory, labor, and tax conditions in the United States and/or foreign countries.”
Item 1A · Risk Factors · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Regulation and legal proceedings
“Existing regulations and policies, changes thereto, and new regulations and policies may present technical, regulatory, and economic barriers to the purchase and use of PV solar products, which may significantly reduce demand for our modules.”
Item 1A · Risk Factors · 10-K · 0001274494-26-000021 · filed Feb 24, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 11.8%.
BlackRock, Inc.11.8%
13G/A · as of Jun 30, 2026 · filed Jul 28, 2026
Vanguard Capital Management LLC7.3%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Susquehanna Securities, LLC7%
13G/A · as of Jun 30, 2026 · filed Aug 14, 2026
Vanguard Portfolio Management LLC5.32%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
State Street Corp5.2%
13G · as of Jun 30, 2026 · filed Aug 7, 2026
Jane Street Group, LLC5.1%
13G · as of Jun 30, 2026 · filed Aug 13, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.14.0%
14.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.8%
6.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.6%
5.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.6%
5.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Capital World Investors4.1%
4.1M shares · 13F filed Aug 12, 2026 · share of 13F-reported
1,008 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 164 sales · $43.4M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 32 SEC metrics, FY2016–FY2025
Income statement 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | |||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values